XDEFI Wallet supports Akash (AKT)

What is Akash?

Akash is a decentralized cloud computing platform that enables users to lease computing resources from a global network of providers. It is built on top of a decentralized marketplace that connects buyers and sellers of computing resources, such as CPU, GPU, and storage. The Akash network is based on blockchain technology, specifically the Tendermint consensus algorithm, which allows for secure and reliable transactions between parties. It also uses containerization technology to provide isolation and security for each user’s applications and data. With Akash, users can deploy their applications on a global network of providers, ensuring high availability and redundancy. This makes it a cost-effective and scalable alternative to traditional cloud computing providers, such as Amazon Web Services, Microsoft Azure, and Google Cloud. Akash also offers its own cryptocurrency, AKT, which is used for transactions within the network and as a means of payment for leasing computing resources.

What are the core features of Akash?

• Decentralized hosting: Akash allows developers to deploy and host their applications on a decentralized network of computing resources, which helps reduce costs and increase scalability.
• Multi-cloud support: Akash supports multiple cloud providers, including Amazon Web Services (AWS), Google Cloud Platform (GCP), and Microsoft Azure, enabling developers to choose the best cloud provider.
• Serverless computing: Akash enables developers to run their applications in a serverless environment, eliminating the need to manage servers and reducing costs.
• Open source: Akash is an open-source platform, meaning developers can contribute to the project and customize the platform to their specific needs.
• Blockchain integration: Akash is built on a decentralized blockchain network, which provides security, transparency, and immutability to the platform.

What is the native token of Akash?

The native token of the Akash network is called AKT (Akash Token). AKT is an ERC-20 token on the Ethereum blockchain, which is used for various purposes within the Akash ecosystem. First, AKT is used as a means of payment for deploying and hosting applications on the Akash network. Developers can use AKT to pay for computing resources on the network, such as storage, computing power, and bandwidth. Second, AKT is used for network governance. AKT holders can participate in the decision-making process of the network by voting on proposals and changes to the network. Third, AKT is used for staking. Validators on the Akash network are required to stake a certain amount of AKT as collateral to ensure the security of the network. Validators who maintain the network’s security and uptime are rewarded with additional AKT tokens. The AKT token plays a crucial role in the Akash network by incentivizing network participation and providing a means of exchange within the ecosystem.